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The Latest Breaking News from the EY Item Club

Reeves may have to U-turn over no more tax rises, warn economists

Dramatic economic slowdown means chancellor could face lower receipts and higher borrowing costs in 2025

The Guardian - UK

Average London house prices spring up 1.2% in March, reports Nationwide

The average price for a house in the capital is currently £519,505

Evening Standard

Bank of England could 'lay the groundwork' for interest rate cuts this week

The Bank is also expected to publish much more optimistic inflation projections this week

Evening Standard

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UK Economic Revival Predicted: Falling Inflation and Tax Cuts Set Stage for Growth

A recent study conducted by the EY Item Club, a prominent forecasting body sponsored by EY, suggests that the nation is poised for a resurgence in the latter half of the year.

International Business Times UK

‘Good chance’ UK may have fallen into technical recession; S&P 500 hits fresh all-time high – as it happened

Rolling coverage of the latest economic and financial news, as US stocks hit record high in early trading

The Guardian - UK

UK economic growth to rebound in late 2024, leading forecaster says

EY Item Club report hands PM new year boost with prediction that inflation drop will allow interest rates to fall to 4% by year end

The Guardian - UK

Decade-low mortgage growth forecast amid high costs

Mortgage loans in 2023 are expected to rise just 1.5% net and 2% net in 2024

The Independent UK

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Decade-low mortgage growth forecast amid high mortgage costs and sluggish demand

Significant cost-of-living pressures continue to affect households’ ability to spend, according to EY ITEM Club.

The Independent UK

UK house prices up almost 1% since last month but mortgage approvals plunge

Just 43,300 mortgages were approved in September, 30 per cent less than the monthly average in 2019

Evening Standard

Markets fear Israeli invasion of Gaza will push oil price over $100 a barrel

Brent Crude was steady at least today, but was still above $90 a barrel amid fears it will go to $100 with inevitable implications for petrol prices

Evening Standard

Bond yields rise after US jobs report smashes forecasts – as it happened

Rolling coverage of the latest economic and financial news, as US non-farm payroll shows surge in hiring last month

The Guardian - UK

Sharon White stepping down from John Lewis; UK house prices fall at fastest rate since 2009 – as it happened

John Lewis chair Sharon White will not seek second term at retailer, as Nationwide reports UK house prices fell 5.3% in year to September

The Guardian - UK

Number of home buyer mortgage approvals slumped to six-month low in August

Net approvals for remortgaging fell to the lowest level since 2012, the Bank of England said.

The Independent UK

UK facing 'heightened recession risks' as private sector suffers shock decline

AN economist has warned the UK is facing “heightened recession risks” after the private sector suffered a shock downturn in August.

The National (Scotland)

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The Guardian - UK

Pound on worst run since March 2020 with UK economy ‘close to stalling’; some Gatwick strikes suspended – as it happened

UK private sector growth slowed to six-month low this month, while DHL workers have cancelled Gatwick strikes and other strikes are suspended

The Independent UK

Hopes raised that upward pressure on mortgage rates could start to ease

Consumer Prices Index inflation was 7.9% in June, down from 8.7% in May.

Evening Standard

London property market stagnant amid warnings of UK-wide house price falls

The typical London house price in March was £537,250, which is very slightly up (0.1 per cent) on this time last year

The Independent UK

Average UK house price increased by 0.8% in March, says Halifax

The typical house price in March was £287,880, which was about 2% below a peak reached last August, according to Halifax’s report.

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The Independent UK

Scottish economy will not return to growth until 2024, experts warn

But the EY Item Club Scotland forecast said interest rates could be cut later this year, providing a boost.

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